Economic Research | Country Risk Weekly Bulletin | Country Risk Weekly Bulletin 560 | Lebanon | Byblos Bank

You are being redirected to .

 

Please Rotate your screen to portrait, for best viewing.

Byblos Bank

Economic Research

|

Search Publication Library

Country Risk Weekly Bulletin 560

November 15, 2018
Country Risk Weekly Bulletin 560

Net Wealth per Adult in Arab Countries (US$)

 

Source: Credit Suisse

 

  • Net private wealth in Arab world at $4 trillion at end-June 2018
    Global investment bank Credit Suisse estimated the aggregate net wealth of Arab citizens at $3,974bn at the end of June 2018, constituting an increase of 4.9% from $3,789bn at end-June 2017 and accounting for 1.3% of global net wealth in the covered period. Credit Suisse defines a country's net wealth as the sum of its population's marketable value of financial and non-financial assets, with the latter including mainly real estate holdings, less aggregate personal debt. It excludes a country's stock of human capital as well as its stock of public assets and liabilities, such as the public debt. The aggregate net wealth of Arab nationals consisted of $1,841bn in financial wealth, $2,859bn in non-financial wealth and $725.5bn in personal debt at the end of June 2018. Citizens of Saudi Arabia accumulated $977bn in net wealth as at end-June 2018, followed by the UAE ($683.5bn) and Kuwait ($278.2bn). In contrast, citizens of Mauritania and Djibouti had $3.9bn and $3bn in net wealth, respectively, as at end-June 2018, the lowest in the Arab world. In parallel, Qatar has the highest net wealth per adult among Arab countries at $121,638 as at end-June 2018, followed by Kuwait ($91,374) and the UAE ($88,173); while Mauritania ($1,756), Syria ($1,190) and Sudan ($530) have the lowest net wealth per adult in the Arab world.
    Source: Credit Suisse, Byblos Research
     

  • EM Sovereigns to issue $96bn in Eurobonds in 2019
    Barclays Capital projected emerging market (EM) sovereigns to issue $96bn in foreign currency-denominated bonds in 2019, relative to an expected $141bn in 2018. It attributed the projected decline in EM sovereign debt issuance mainly to the substitution of market financing with concessional financing in Argentina, the rise in global oil prices that would reduce issuance needs in GCC countries, as well as uncertainties about further U.S. sanctions on Russia. It forecast Eastern Europe, the Middle East & Africa (EEMEA) to issue $58bn worth of Eurobonds, equivalent to 60.4% of total EM foreign currency-denominated bond issuance, in 2019, and relative to $90bn in 2018. It expected sizeable issuance in Egypt, Morocco, Sub-Saharan African and Turkey, and a decline in GCC issuances. Emerging Asia would follow with $23bn, or 24% of the total, compared to $19bn in 2018, then Latin America, excluding the Venezuelan sovereign but including the country's national oil company Petróleos de Venezuela, with $16bn (16.7%), relative to $32bn in 2018. On a country basis, it expected Indonesia to issue $10bn in sovereign Eurobonds, or 10.4% of total EM foreign currency-denominated bond issuance in 2019, which would constitute the largest level among EMs, followed by Saudi Arabia with $8bn (8.3%), Qatar with $6bn (6.2%), Turkey with $5bn (5.2%), Egypt with $4.5bn (4.7%), Oman and Poland with $4bn each (4.1% each), and the Dominican Republic and Romania with $3bn each (3.1% each). In parallel, Barclays projected interest payments and maturities to reach $85bn next year. As such, it forecast EM currency-denominated issuance, net of interest payments and maturities, at $12bn in 2019.
    Sources: Barclays Capital
     

  • Real GDP in Sudan to contract by an average of 2.1% in 2018-19 period
    The International Monetary Fund projected Sudan's real GDP to contract by 2.3% in 2018 and by 1.9% in 2019, following a growth rate of 1.4% in 2017, amid the country's sustained policy uncertainties and persistent macroeconomic imbalances, including its elevated public debt level and significant external financing needs. In comparison, it forecast the growth rates for oil importers in the MENA region at 3.8% in 2018 and 4.1% in 2019. Further, it expected Sudan's inflation rate to average 61.8% in 2018 and 49.2% in 2019. 

    In parallel, the Fund projected the fiscal deficit at 3.5% of GDP in 2018 and 3.3% of GDP in 2019. It forecast government revenues, excluding grants, at 8% of GDP in 2018, but to regress to 6.6% of GDP in 2019; and for total expenditures to reach 12.7% of GDP this year and 10.5% of GDP in 2019. Further, it expected the government's gross debt level to rise from 121.6% of GDP at the end of 2017 to 167.5% of GDP at end-2018 and to 165.1% of GDP at end-2019. It also forecast the gross external debt to increase from 117.7% of GDP in 2017 to 166.6% of GDP in 2018 and 167% of GDP in 2019. Further, the IMF projected the current account deficit at $4.7bn, or 14.2% of GDP, in 2018; and at $4.5bn, or 13.1% of GDP, in 2019. It expected Sudan's gross foreign currency reserves to improve from $0.9bn at end-2017 to $1bn at the end of 2018 and $1.1bn at end-2019. 
    Source: International Monetary Fund
     

Tags:
Other Publications from“Country Risk Weekly Bulletin
Cookies Information

To optimize this website's functionality, we may utilize cookies, which are small data files stored on your device. This common practice helps improve your browsing experience.

Privacy settings

Choose which cookies you wish to enable.
You can change these settings at any time. However, this can result in some functions no longer being available. For more information on deleting cookies, please consult your browser help function.
LEARN MORE ABOUT THE COOKIES WE USE.

Use the slider to enable or disable various types of cookies:

Necessary
Functionality
Analytics
Marketing

This website will:

  • Remember your cookie permission setting
  • Allow session cookies
  • Gather information you input into a contact forms, newsletter and other forms across all pages
  • Helps prevent Cross-Site Request Forgery (CSRF) attacks
  • Preserves the visitor's session state across page requests
  • Remember personalization settings
  • Remember selected settings
  • Keep track of your visited pages and interaction taken
  • Keep track about your location and region based on your IP number
  • Keep track on the time spent on each page
  • Increase the data quality of the statistics functions
  • Use information for tailored advertising with third parties
  • Allow you to connect to social sites
  • Identify device you are using
  • Gather personally identifiable information such as name and location

This website won't:

  • Remember your cookie permission setting
  • Allow session cookies
  • Gather information you input into a contact forms, newsletter and other forms across all pages
  • Helps prevent Cross-Site Request Forgery (CSRF) attacks
  • Preserves the visitor's session state across page requests
  • Remember personalization settings
  • Remember selected settings
  • Keep track of your visited pages and interaction taken
  • Keep track about your location and region based on your IP number
  • Keep track on the time spent on each page
  • Increase the data quality of the statistics functions
  • Use information for tailored advertising with third parties
  • Allow you to connect to social sites
  • Identify device you are using
  • Gather personally identifiable information such as name and location


Save And Close